This fantastic very large brick built four bedroom multi mily home is located in Kingsway East, Saint Louis and is just three minutes from Washington Montessori School. The building is split into two apartments. There is a large two bedroom apartment downstairs and a large two bedroom apartment upstairs. Both apartments two are just being completely refurbished to a Section 8 standard. The management company will place brand new tenants when the new owner closes on the property each paying $650 – $700 in rent each month.
This property is located in Kingsway East which is only 6.1 miles to the centre of downtown Saint Louis.This property is also only three minutes and 1.1 miles to The Washington Montessori School and lust 1.8 mile and 6 minutes to The Ranken technical College. There are many great schools in this area.
Purchase price: 62,900
Gross annual rental income: $16,800
Property running costs: $2,690
(Tax, insurance and management costs)
Net annual rental income: $14,110
Investment calculation - Net Income divided by Purchase price = NET ROI.
Return on investment: 23%
Break even in 4.34 Years